Life Insurance

Male, 25, Smoker

%

Risk of Death before Age 65

Female, 25, Smoker

%

Risk of Death before Age 65

So…what’s the solution? Life Insurance!

Introduction to Life Insurance

When you plan for the future, one of the things you count on is continued income for yourself and your family. Without this income your family’s lifestyle and standard of living may be at risk. Should you die prematurely, a new source of regular income will have to be found. Thus, most Canadians use life insurance to address this problem, as it can create an instant estate in order to support your family in the event of premature death.

Protection for your personal business – Business Continuation Insurance

How does it work?

Life insurance proceeds can be used to replace lost potential income during working years. This can provide a safety net for your beneficiaries and can also help ensure the family’s financial goals will still be met—goals like paying off a mortgage, keeping a business running, and paying for college

The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by the insurance company in consideration for premium payments made by the insured person.

What type of Life insurance do I need?

Term? Whole Life? Universal Life? Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.

Talk to one of our licensed professionals.

Term Life Insurance

Term Life is best suited to situations where protection is required for a specific reason and time period. Although it is reasonable priced over the initial term, renewal rates are often horrendous. It is important to note that there is currently a major pricing shift taking place in this product line, as the market evolves from Standard to Preferred underwriting.

Statistics show that approximately 70% of Canadians can benefit from drastically reduced rates. Crossgrove & Company assists clients in obtaining the best possible pricing in this fast moving marketplace.

Participating Whole Life

Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.

Participating life insurance offers protection for your whole life and the opportunity for tax-preferred cash value growth. As long as you pay the premiums on time, the base insurance protection is guaranteed for life.

The policy is also eligible to receive dividend payments, which you can use to buy additional coverage or reduce your annual premium. You can also leave them on deposit to earn interest or take them in cash. The rate at which Dividends are paid is not guaranteed and depends on a variety of factors.

Universal Life

Universal life insurance offers a savings component as a complement to it’s basic functionality as an insurance contract. The policy is a combination of permanent life insurance protection, providing for lifelong peace of mind, with a broad range of investment account options that allow for tax-preferred savings growth (similar to that of an RRSP).

You choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account. Or you can use them to increase the amount of your death benefit.